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New York

Good luck finding a home for sale in these NYC neighborhoods

Low turnover rates push up property prices

Melrose
Melrose

Want to buy a home in Melrose or Sunset Park? You may need to hire a private detective along with a broker.

The two neighborhoods are among the areas in New York with the lowest property turnover rate, where finding a house or co-op for sale can be virtually impossible. Between 2010 and 2017, a mere 2 percent of Melrose’s housing stock sold, according to Streeteasy data cited by the New York Times — the lowest rate in the city. Bushwick had a turnover rate of 3 percent, Marble Hill in Manhattan had 5 percent while Richmond Hill in Queens had 9 percent.

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Across the city, the turnover rate was 15 percent. Downtown Brooklyn had the highest turnover (51 percent), likely because of the recent surge in condo construction.

“I don’t need signage,” said broker Joseph Milone, who sells properties in Morris Park (6 percent turnover). If I put a house on the market, it will not take two weeks to get it done. There’s nothing available.”

Low turnover rates tend to push up prices, according to appraiser Jonathan Miller, which in turn makes it more likely that property owners stay put, which in turn pushes up prices, and so on. “It’s money on paper,” he said. “Because, where are you going to go?” [NYT] — Konrad Putzier